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With properties in the U.S., U.K., France, Germany and Switzerland, Norges is now exploring possible deals in Singapore

By

Isobel Lee

September 4, 2018

When Norway’s trillion-dollar oil fund decided to start buying commercial property in 2010, its managers figured that it would focus primarily on about a dozen of the world’s top cities.

Eight years later, the fund’s property arm, Norges Bank Real Estate Management, is nearing that goal. Last year, it paid $823 million for a majority stake in a set of five retail and office properties in Tokyo, adding that city to the list that now includes nine principal cities in the U.S., U.K., France, Germany and Switzerland.